OppenheimerFunds, a leading asset manager, is expected to be acquired by Invesco, pursuant to an agreement reached with OppenheimerFunds’ parent company MassMutual. The combined group would exceed $1.2 trillion AUM, and be the sixth largest US investment manager, and 13th largest investment manager globally. The new entity will offer clients an expanded, diversified suite of investment solutions, pending regulatory approvals.

“For nearly 60 years, OppenheimerFunds has been at the forefront of offering innovative investment products and solutions to clients,” said Art Steinmetz Chairman and CEO of OppenheimerFunds. “We are excited about this combination with Invesco, as it builds on our complementary cultures and the commitment we both have to putting clients first. This agreement will enable us to leverage economies of scale and expand and diversify our investment offerings, all to the benefit of our combined clients.”

Invesco (NYSE: IVZ), which manages more than $980.9 billion in assets on behalf of clients worldwide (as of September 30, 2018) has specialized investment teams managing investments across a comprehensive range of asset classes, investment styles and geographies. With an on-the-ground presence in 25 countries, the firm’s nearly 7,000 employees are focused on client needs across the globe.

Founded in 1959, OppenheimerFunds is a pioneer in global investing, having launched the first US-based global equity strategy in 1969. The firm, including its subsidiaries, manages more than $246 billion in assets (as of September 30, 2018). OppenheimerFunds’ 16 investment management teams specialize in equity, fixed income, alternative and multi-asset strategies as well as factor, multi-factor and revenue weighted ETF strategies including ESG. OppenheimerFunds and its subsidiaries offer a broad array of products and services to clients, who range from financial advisors and individual investors, as well as pensions and endowments serviced by OFI Global Asset Management.

“The joining of Invesco and OppenheimerFunds will offer clients best-in-class solutions and draw on the trusted, consultative approach that has characterized both of our companies,” said John McDonough, Head of Distribution and Marketing at OppenheimerFunds. “With this expanded, diversified suite of investment solutions, we can further help clients achieve their investment goals over the long term.”

In addition to the expanded client offerings, both firms value strong corporate culture and active employee engagement, including through Internal Training, Diversity & Inclusion programs and Philanthropy & Community outreach.

MassMutual acquired OppenheimerFunds in 1990, growing the asset manager from $14 billion to more than $240 billion in AUM. Both firms would benefit from the scale and enhanced growth prospects that result from this combination, and be better equipped to offer a more diversified suite of products, strategies and services to a combined client base. MassMutual will maintain an ownership stake in the new entity.

“We have long held OppenheimerFunds’ people and strong investment performance track record in high regard,” said Martin L. Flanagan, President and CEO of Invesco. “The combination with OppenheimerFunds and the strategic partnership with MassMutual would meaningfully enhance our ability to meet client needs, accelerate growth and strengthen our business over the long term.”

Subject to customary closing conditions, including, receipt of required regulatory approvals, this transaction is expected to close in the second quarter of 2019. Until that time, clients can expect to receive uninterrupted service from OppenheimerFunds.

This material is provided for general and educational purposes only, is not intended to provide legal or tax advice, and is not for use to avoid penalties that may be imposed under U.S. federal tax laws. OppenheimerFunds is not undertaking to provide impartial investment advice or to provide advice in a fiduciary capacity. Contact your attorney or other advisor regarding your specific legal, investment or tax situation.

OFI Global Asset Management (“OFI Global”) consists of OppenheimerFunds, Inc. and certain of its advisory subsidiaries, including OFI Global Asset Management, Inc., OFI Global Institutional Inc., OFI SteelPath Inc., OFI Global Trust Company, SNW Asset Management, LLC and OFI Advisors, LLC. The firm offers a full range of investment solutions across equity, fixed income and alternative asset classes. The views herein represent the opinions of OFI Global and are subject to change based on subsequent developments. They are not intended as investment advice or to predict or depict the performance of any investment. The material contained herein is not intended to provide, and should not be relied on for, investment, accounting, legal or tax advice. Further, this material does not constitute a recommendation to buy, sell, or hold any security. No offer or solicitation for the sale of any security or financial instrument is made hereby.

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